KARACHI: Pakistan’s stock market closed lower on Thursday, dragged down by index heavyweight Oil and Gas Development Company Ltd, and Muslim Commercial Bank.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.04 per cent, or 7.54 points, lower at 17,992.91 points.

The Oil and Gas Development Company Ltd fell 1.46 per cent to 202.55 rupees, while Muslim Commercial Bank was down 1.32 per cent to 215.75 rupees.

In the currency market, the rupee ended at 97.95/98.00 against the dollar, stronger than Wednesday’s close of 98.10/98.12.

Overnight rates in the money market remained flat at 9.40 per cent.